The latest VAT issues from first
tier tax tribunal decisions, amended VAT rates and HMRC updates to
relief schemes
Paper VAT returns
VAT Notes No 4 2008 announced that the paper VAT return is to
be phased out effective from 1 April 2010 for VAT-registered businesses
with a net turnover of £100,000 or more. The very small traders
that fall below this threshold are likely to lose their right to use
a paper medium some time during 2012, although this is yet to be fully
decided. This means that the majority of businesses, which in any
case fall to be registered for VAT, will have to go over to electronic
submission.
Place of supply of services
A recently issued consultation document outlined various changes
concerning the place of supply of services that take effect from 2010.
These will be explored over the following months.
